Lerna, Illinois Property Taxes
The median property tax rate in Lerna, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lerna at $62,469, the typical annual property tax bill reaches $1,374, exceeding the national median of $2,690. Property taxes in Lerna are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lerna's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lerna or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lerna, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$1,437
$1,333
Ownwell’s Lerna Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lerna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lerna to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in more granular trends, you can explore localized information by scrolling down. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Lerna, Illinois
Property taxes in Lerna, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lerna is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lerna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lerna estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lerna's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62440 has the highest median property tax rate of 2.30%, while the same zip code also represents the lowest median tax rate of 2.30%. Understanding how these cities compare with Lerna provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lerna Tax Rate
2.30%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lerna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62440 | 1.64% | 2.15% | 2.30% | 2.42% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Lerna, Illinois
In Lerna, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Coles County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lerna, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lerna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lerna is $1,374 in zip code 62440, while the lowest median tax bill is also $1,374 in the same zip code.
Average Lerna Assessed Value
$62,469
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lerna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62440 | $9,667 | $22,050 | $62,469 | $124,809 | $193,053 |
Source: Ownwell
Property Tax Bills Across Lerna, Illinois
In Lerna, Coles County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $62,469, homeowners can expect varying tax bills depending on specific factors such as exemptions and local levies. Tax bills in Lerna range significantly. The 25th percentile of tax bills is around $531, while those in the 75th percentile reach up to $2,742. At the higher end, the 90th percentile sees tax bills as high as $5,182. This variation is influenced by the specific neighborhood and the services funded by property taxes, such as schools and public safety. Compared to the national median property tax rate of 0.99%, Lerna's property tax bills can be quite substantial, impacting homeowners' annual expenses and influencing decisions related to homeownership and property investment in the area.
Average Lerna Tax Bill
$1,374
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lerna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62440 | $269 | $531 | $1,374 | $2,742 | $5,182 |
Source: Ownwell